I am a firm believer in the Buy & Hold strategy, an avid reader, and a life-long learner.

The ones I have been talking too did not fully, or in some case at all, know about the benefits of no taxes on 1031s (and we are working on helping them reinvest with US as partners to fulfill the 1031), or how the spreading out of taxes can work with seller financing with only enough down to cover their 'recapture tax' which is due in the year of sale no matter how much is used for a down payment. 

IE. she cannot just make unreasonable demands and expect you to fulfill them.You mention California is a very tenant friendly state and I see you are in Milburn.

Because of this a relationship is formed and most tenants do all they can to fulfill their end of the deal.Coming back to your question, I am leveraging what I’ve learned with dealing with people and forming a property management company, partly because I don’t think it’s hard work, secondly because I think their is an opportunity to make money, and most importantly because there are a lot of crappy property management companies, both from the perspective of tenant and owner and I hope I can do a better job.Sorry for the rant, but the property management stigma as being too hard and dirty drives me crazy.

He said that there is a legal theory that the offer itself is a thing of value and could - if it went to court - be interpreted as fulfilling the requirement for consideration.

It was a shorter term situation (couple years) and they made lifelong friends in the process.

You fulfill the terms of the rental agreement, decide what your plan is for raising rents, explain to each tenant and give them an option to agree.

By sending this way you fulfill the Requirements for Notification regardless of whether people accept the Notification, don't send the Notification back, etc. 

I joined just last week in a feverish attempt to gain as much knowledge as possible to start my lifelong career in Real Estate Investing.

You have a bunch of requirements to fulfill, but it’s a great way to get cash for properties in an LLC or Trust.